Public Employees Retirement Association of Colorado Sells 1,596 Shares of Eaton Co. plc (NYSE:ETN)

Public Employees Retirement Association of Colorado lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 2.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,743 shares of the industrial products company’s stock after selling 1,596 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Eaton were worth $17,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. LifeSteps Financial Inc. bought a new position in Eaton in the 1st quarter worth $25,000. Breakwater Investment Management lifted its holdings in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the period. Atwood & Palmer Inc. boosted its position in Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares in the last quarter. Proffitt & Goodson Inc. purchased a new position in shares of Eaton during the 2nd quarter worth approximately $29,000. Finally, LGT Financial Advisors LLC bought a new position in shares of Eaton in the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wells Fargo & Company dropped their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Evercore ISI reduced their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Citigroup assumed coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Raymond James cut their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $337.41.

Eaton Price Performance

ETN opened at $330.59 on Friday. The company’s 50-day simple moving average is $299.93 and its two-hundred day simple moving average is $312.45. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The stock has a market capitalization of $132.17 billion, a P/E ratio of 39.03, a P/E/G ratio of 2.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, analysts predict that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.14%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Eaton news, Director Dorothy C. Thompson purchased 2,205 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by corporate insiders.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.